Sensex tumbles below 34,000 in early trade

Key benchmark indices tumbled in early trade amid a global sell-off. At 9:16 IST, the barometer index, the S&P BSE Sensex shed 521.60 points or 1.52% at 33,891.56. The Nifty 50 index tanked 176.40 points or 1.67% at 10,400.45. The Sensex nosedived below 34,000 level. Asian stocks tanked today after a rout on Wall Street overnight amid rising interest rates.

Among secondary indices, the S&P BSE Mid-Cap index fell 1.65%. The S&P BSE Small-Cap index tanked 1.86%. Both these indices underperformed the Sensex.

The breadth, indicating the overall health of the market, was quite weak. On the BSE, 1,291 shares declined and 180 shares advanced. A total of 28 shares were unchanged.

IndusInd Bank fell 1.7%. The bank announced the launch of the 'All-in-one store' in partnership with Tapzo, India's leading app aggregator. The 'All-in-one store' is the first of its kind offering launched by any bank which will allow users of the banking app to access multiple m-commerce services via native API integrations i.e. without redirecting to merchant apps, IndusInd Bank said. With native integrations the bank will be able to provide highly personalized and seamless experiences for various services, it added. The announcement was made after market hours yesterday, 8 February 2018.

Vedanta fell 1.26% after the company said that the Supreme Court of India vide judgement dated 7 February 2018 has directed to stop all mining operations in the state of Goa with effect from 16 March 2018. Supreme Court has directed that the mining lease holders who have been granted the second renewal is given time to manage their affairs and may continue their mining operations till 15 March 2018. However, they are directed to stop all mining operations with effect from 16 March 2018 until fresh mining leases and fresh environmental clearances are granted.

The company's mines in Goa will be impacted consequent to the judgement of Supreme Court. The company is assessing the financial and operational impact of the said judgement, Vedanta said. The announcement was made after market hours yesterday, 8 February 2018.

Overseas, Asian stocks tumbled after US stocks plummeted once again in the last session. China inflation as represented by the consumer price index (CPI) rose 0.6% month-on-month in January, well above the previous month's print of 0.3%, data released today, 9 February 2018 showed.

US stocks fell sharply yesterday, 8 February 2018 as strong earnings and economic data were not enough to quell investors' jitters on Wall Street about higher interest rates. US initial jobless claims decreased 9,000 to a seasonally adjusted 221,000 for the week ended 3 February, the Labor Department said yesterday, 8 February 2018. The second straight weekly decline in claims pointed to strong job growth momentum.

In the Europe, the Bank of England (BoE) yesterday, 8 February 2018 said it is likely to raise interest rates earlier and faster than previously expected to damp the effects of a stronger global economy on UK inflation. All nine members of the bank's Monetary Policy Committee agreed a statement that the central bank was no longer willing to tolerate inflation above its 2% target over the next three years, reports suggested.

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